H2O America (HTO) Balance Sheet

NASDAQ: HTOAssets, liabilities, debt and equity over 10 years.

HTO balance sheet, 2025

December 31, 2025 · U.S. dollars

$5.15B assets = $3.61B liabilities + $1.54B equity

Both columns are drawn to the same scale: what HTO owns equals what it owes plus shareholders’ equity. Hover a block for its value.

HTO financial health

Current ratio0.70

Tight · current assets cover current liabilities 0.70×

Debt / equity1.28

Moderate leverage · $1.28 of debt for each $1 of equity

Equity / assets29.9%

Balanced · of assets funded by shareholders

Cash / debt1.0%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles13.2%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

HTO balance sheet trends, 2016–2025

H2O America balance sheet trends
Metric	Then	Latest	Change
Total assets	$1.44B2016	$5.15B2025	+15.2%/yr
Total liabilities	$1.02B2016	$3.61B2025	+15.1%/yr
Shareholders’ equity	$421.6M2016	$1.54B2025	+15.5%/yr
Cash & short-term investments	$6.3M2016	$20.7M2025	+14.0%/yr
Total debt	$447.7M2016	$1.98B2025	+17.9%/yr
Net cash (debt)	−$441.3M2016	−$1.96B2025	−$1.5B
Working capital	$36.0M2016	−$82.8M2025	−$118.8M
Book value per share	$20.482016	$42.792025	+8.5%/yr
Current ratio	1.572016	0.702025	−0.87
Debt / equity	1.062016	1.282025	+0.22
Shares outstanding	20.6M2016	36.0M2025	+6.4%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

HTO assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

HTO liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

HTO debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

HTO balance sheet

H2O America annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	$20.7M	$11.1M	$9.7M	$12.3M	$10.9M	$5.3M	$12.9M	$420.7M	$7.8M	$6.3M
Cash & equivalents	$20.7M	$11.1M	$9.7M	$12.3M	$10.9M	$5.3M	$12.9M	$420.7M	$7.8M	$6.3M
Receivables	$141.9M	$142.5M	$126.3M	$110.5M	$104.8M	$103.1M	$88.1M	$50.2M	$54.3M	$53.8M
Inventory	$0	$0	$0	$0	$0	$0	$0	$0	$56.2M	$0
Other current assets	$28.0M	$37.1M	$62.4M	$35.6M	$18.4M	$19.0M	$21.0M	$31.8M	$0	$39.5M
Total current assets	$190.6M	$190.7M	$198.4M	$158.4M	$134.1M	$127.3M	$122.0M	$502.7M	$66.9M	$99.6M
Property, plant & equipment (net)	$3.89B	$3.45B	$3.16B	$2.59B	$2.48B	$2.30B	$2.17B	$1.31B	$1.22B	$1.12B
Goodwill & intangible assets	$681.4M	$682.4M	$683.8M	$676.3M	$661.1M	$663.3M	$661.7M	$17.5M	$14.4M	$24.0M
Long-term investments	$19.7M	$18.1M	$16.4M	$14.8M	$15.8M	$0	$0	$0	$0	$0
Other non-current assets	$365.0M	$320.6M	$290.9M	$311.2M	$204.6M	$221.1M	$175.7M	$123.2M	$151.9M	$197.4M
Total assets	$5.15B	$4.66B	$4.35B	$3.76B	$3.49B	$3.31B	$3.13B	$1.96B	$1.46B	$1.44B
Liabilities
Accounts payable	$75.4M	$56.3M	$46.1M	$29.6M	$30.4M	$34.2M	$34.9M	$24.9M	$23.0M	$18.7M
Short-term debt	$110.3M	$122.8M	$220.5M	$163.9M	$102.1M	$251.3M	$139.5M	$100.0M	$25.0M	$14.3M
Total current liabilities	$273.4M	$261.2M	$343.0M	$268.3M	$203.3M	$350.8M	$234.6M	$164.0M	$85.1M	$63.6M
Long-term debt	$1.87B	$1.71B	$1.53B	$1.49B	$1.49B	$0	$0	$0	$0	$0
Other long-term liabilities	$1.47B	$1.32B	$1.24B	$883.9M	$761.7M	$2.04B	$2.01B	$903.1M	$909.7M	$958.2M
Total liabilities	$3.61B	$3.29B	$3.11B	$2.64B	$2.46B	$2.39B	$2.24B	$1.07B	$994.8M	$1.02B
Shareholders' equity
Common stock & paid-in capital	$36,000	$34,000	$32,000	$31,000	$30,000	$29,000	$28,000	$28,000	$21,000	$21,000
Retained earnings (deficit)	$581.1M	$537.2M	$495.4M	$458.4M	$428.3M	$408.0M	$383.2M	$393.9M	$376.1M	$338.4M
Accumulated other comprehensive income	$1.5M	$2.0M	$1.8M	$1.5M	−$163,000	−$1.1M	$126,000	—	$2.2M	$1.5M
Total shareholders' equity	$1.54B	$1.37B	$1.23B	$1.11B	$1.03B	$917.2M	$890.0M	$889.3M	$463.2M	$421.6M
Key figures
Total debt	$1.98B	$1.83B	$1.75B	$1.66B	$1.60B	$1.54B	$1.42B	$531.4M	$456.1M	$447.7M
Net cash (debt)	−$1.96B	−$1.82B	−$1.74B	−$1.64B	−$1.58B	−$1.53B	−$1.41B	−$110.7M	−$448.3M	−$441.3M
Working capital	−$82.8M	−$70.5M	−$144.6M	−$109.9M	−$69.2M	−$223.5M	−$112.5M	$338.7M	−$18.2M	$36.0M
Tangible book value	$859.4M	$684.6M	$549.6M	$434.6M	$373.4M	$253.8M	$228.3M	$871.8M	$448.8M	$397.7M
Book value per share	$42.79	$40.57	$38.95	$36.51	$34.79	$31.96	$31.16	$41.69	$22.39	$20.48
Shares outstanding	36.0M	33.7M	31.7M	30.4M	29.7M	28.7M	28.6M	21.3M	20.7M	20.6M
Current ratio	0.70	0.73	0.58	0.59	0.66	0.36	0.52	3.07	0.79	1.57
Quick ratio	0.59	0.59	0.40	0.46	0.57	0.31	0.43	2.87	0.73	0.95
Debt / equity	1.28	1.34	1.42	1.49	1.54	1.68	1.60	0.60	0.98	1.06
Equity / assets	29.9%	29.3%	28.4%	29.6%	29.6%	27.7%	28.4%	45.5%	31.8%	29.2%

H2O America quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$104.1M	$153.0M	$20.7M	$11.3M	$19.8M	$23.7M	$11.1M	$4.0M	$22.8M	$4.5M	$9.7M	$21.1M
Cash & equivalents	$104.1M	$153.0M	$20.7M	$11.3M	$19.8M	$23.7M	$11.1M	$4.0M	$22.8M	$4.5M	$9.7M	$21.1M
Receivables	$153.5M	$140.0M	$141.9M	$165.6M	$152.4M	$135.8M	$142.5M	$161.7M	$133.6M	$112.1M	$126.3M	$137.0M
Inventory	$7.6M	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other current assets	$31.3M	$30.4M	$28.0M	$30.3M	$28.2M	$37.8M	$37.1M	$21.6M	$16.7M	$61.4M	$62.4M	$70.7M
Total current assets	$296.4M	$323.4M	$190.6M	$207.2M	$200.4M	$197.3M	$190.7M	$187.3M	$173.2M	$178.1M	$198.4M	$228.8M
Property, plant & equipment (net)	$4.11B	$3.95B	$3.89B	$3.80B	$3.60B	$3.50B	$3.45B	$3.34B	$3.26B	$3.17B	$3.16B	$2.73B
Goodwill & intangible assets	$692.0M	$692.0M	$681.4M	$640.3M	$691.9M	$691.9M	$682.4M	$704.7M	$696.1M	$704.6M	$683.8M	$704.6M
Long-term investments	$20.6M	$20.2M	$19.7M	$0	$18.9M	$18.6M	$18.1M	$18.2M	$17.4M	$17.4M	$0	$0
Other non-current assets	$322.6M	$368.7M	$365.0M	$365.0M	$332.9M	$324.4M	$320.6M	$300.6M	$296.8M	$294.5M	$307.3M	$181.0M
Total assets	$5.44B	$5.35B	$5.15B	$5.01B	$4.85B	$4.73B	$4.66B	$4.55B	$4.44B	$4.37B	$4.35B	$3.84B
Liabilities
Accounts payable	$70.4M	$62.9M	$75.4M	$61.2M	$48.2M	$46.7M	$56.3M	$44.5M	$37.9M	$34.4M	$46.1M	$35.9M
Short-term debt	$10.0M	$8.6M	$110.3M	$144.4M	$179.8M	$171.3M	$122.8M	$101.3M	$226.5M	$219.8M	$220.5M	$171.9M
Total current liabilities	$177.8M	$160.0M	$273.4M	$304.2M	$314.2M	$296.7M	$261.2M	$244.0M	$350.1M	$323.3M	$343.0M	$308.1M
Long-term debt	$1.88B	$1.87B	$1.87B	$0	$1.69B	$1.69B	$1.71B	$1.67B	$1.55B	$1.55B	$0	$0
Other long-term liabilities	$1.53B	$1.49B	$1.47B	$3.18B	$1.37B	$1.34B	$1.32B	$1.30B	$1.27B	$1.25B	$2.77B	$2.32B
Total liabilities	$3.59B	$3.52B	$3.61B	$3.49B	$3.38B	$3.33B	$3.29B	$3.22B	$3.16B	$3.13B	$3.11B	$2.62B
Shareholders' equity
Common stock & paid-in capital	$42,000	$42,000	$36,000	$36,000	$35,000	$34,000	$34,000	$33,000	$33,000	$32,000	$32,000	$32,000
Retained earnings (deficit)	$592.3M	$584.2M	$581.1M	$579.9M	$549.6M	$539.6M	$537.2M	$527.6M	$502.0M	$494.2M	$495.4M	$488.6M
Accumulated other comprehensive income	$1.5M	$1.5M	$1.5M	$2.0M	$2.0M	$2.0M	$2.0M	$1.3M	$1.3M	$1.3M	$1.8M	$1.9M
Total shareholders' equity	$1.84B	$1.83B	$1.54B	$1.52B	$1.47B	$1.40B	$1.37B	$1.33B	$1.27B	$1.24B	$1.23B	$1.22B
Key figures
Total debt	$1.89B	$1.87B	$1.98B	$1.90B	$1.87B	$1.86B	$1.83B	$1.78B	$1.78B	$1.77B	$1.75B	$1.71B
Net cash (debt)	−$1.79B	−$1.72B	−$1.96B	−$1.89B	−$1.85B	−$1.84B	−$1.82B	−$1.77B	−$1.75B	−$1.77B	−$1.74B	−$1.68B
Working capital	$118.6M	$163.4M	−$82.8M	−$97.0M	−$113.8M	−$99.4M	−$70.5M	−$56.8M	−$177.0M	−$145.2M	−$144.6M	−$79.3M
Tangible book value	$1.15B	$1.14B	$859.4M	$883.4M	$774.1M	$705.4M	$684.6M	$629.1M	$578.5M	$535.6M	$549.6M	$515.6M
Book value per share	$45.09	$47.58	$42.79	$42.75	$42.05	$41.26	$40.78	$40.44	$39.27	$38.58	$38.46	$38.21
Shares outstanding	40.9M	38.5M	36.0M	35.6M	34.9M	33.9M	33.5M	33.0M	32.5M	32.1M	32.1M	31.9M
Current ratio	1.67	2.02	0.70	0.68	0.64	0.66	0.73	0.77	0.49	0.55	0.58	0.74
Quick ratio	1.45	1.83	0.59	0.58	0.55	0.54	0.59	0.68	0.45	0.36	0.40	0.51
Debt / equity	1.03	1.02	1.28	1.25	1.28	1.33	1.34	1.33	1.39	1.43	1.42	1.40
Equity / assets	33.9%	34.3%	29.9%	30.4%	30.2%	29.5%	29.3%	29.3%	28.7%	28.4%	28.4%	31.7%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.

HTO financial position

At the end of fiscal 2025 (December 31, 2025), H2O America had total assets of $5.1 billion (up 10.5% from a year earlier), total liabilities of $3.6 billion and shareholders' equity of $1.5 billion. It held $20.7 million in cash and short-term investments against $2.0 billion of debt, net debt of $2.0 billion. Its current ratio was 0.70. In the latest quarter (ended June 30, 2026) total assets were $5.4 billion and equity $1.8 billion.

Related: HTO income statement, HTO cash flow statement, HTO key metrics. See the HTO stock overview for the latest quote and news.

HTO balance sheet FAQ

What are H2O America's total assets?

H2O America reported total assets of $5.1 billion at the end of fiscal 2025 (December 31, 2025), compared with $4.7 billion a year earlier.

How much debt does H2O America have?

H2O America had $2.0 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.28.

How much cash does H2O America have?

H2O America held $20.7 million in cash and short-term investments at the end of fiscal 2025; with $2.0 billion of debt that is net debt of $2.0 billion.

What is H2O America's book value?

H2O America's shareholders' equity (book value) was $1.5 billion at the end of fiscal 2025, or $42.79 per share.

What is H2O America's current ratio?

H2O America had current assets of $190.6 million and current liabilities of $273.4 million, a current ratio of 0.70 (current liabilities exceed current assets).

How much goodwill does H2O America have?

H2O America carried $681.4 million of goodwill and intangible assets, 13.2% of total assets, at the end of fiscal 2025.